Well, let's skip the twenties part. That's a relic of the hyper-competitive academic system. Normality is you start college at 17/18, finish college around age 21/22, and finish a Ph.D around 26. At that point, you take an academic job if you want one and appear qualified. You spend 7 years having fun as an assistant prof, doing what you love, and then, unless you've messed up, you have tenure.
You don't have a string of low-paid abusive post-docs, research scientist positions, and what not. And assistant prof'ing is fun, not publish-or-perish and grant writing; you do research and write (papers, not massive numbers of grant applications). Unless you mess up, you make tenure.
The flip side is you get paid a third of industry.
That pretty much describes academia when my advisor got a job.
As you pointed out, $60k bring competition down a lot. At that point, you're no longer competing with hedge funds and FAANG. And it brings job supply up; if you pay $60k, at current funding rates, you'll have no shortage of jobs.
With that sane system, which we DID once have, lots of people factually DID take that path. The calculus isn't hard:
1) Hate my life 40 hours per week at FAANG/hedge fund/etc. so I can afford to do what I love
2) Drive a beat-up old subcompact and spend 80 hours per week doing what I love with a guaranteed (low-paying, stable) job for the rest of my life.
It's not rocket science. Lots of people pick #2. I don't much care if I have $200/plate food, a mansion, business class flights, and a sports car. I'm okay with McD's salads, cooking, camping trips, and a bicycle (I DO care about financial stress -- risk of losing a mortgage -- but stability takes that away). Splitting time between intellectual pursuits and family? That's awesome. Doing it in a community of like-minded people? Even more so. Lots of people made that same choice before elite academia became big $$$, and my math friends who bring in $1 million/year at hedge funds did so because they couldn't find academic jobs.
Think of it this way: You know that nerd who spends their days building Lego sets? There are plenty of nerds who want to code up open source, explore the secrets of physics, doing theoretical math, or working out new models for government. All you need to do is provide stability and room to focus. If you give tenured positions which cover basic housing, food, and clothing, and give a sane process to get there, you'll have no shortage of candidates.